greenbooks · September 8, 1969

Greenbook/Tealbook

Prefatory Note

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Content last modified 6/05/2009.

CONFIDENTIAL (FR)

SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS

Prepared for the Federal Open Market Committee

By the Staff Board of Governors of the Federal Reserve System

September 5, 1969

SUPPLEMENTAL NOTES

The Domestic Nonfinancial Economy Labor market.

Employment rose in August, but at a sharply

slower pace than in the first half of the year.

After declining in

July, nonfarm employment rose by only 167,000 in August.

Well over

half of that increase was in the auto industry and was an outgrowth of an early model changeover.

Consequently, it should be matched by a

comparable decline next month.

Employment declines were reported in

construction, several consumer-goods manufacturing industries, and Employment growth continued in the capital-goods

Federal employment.

industries and there was a sizable increase in the service industries, where job growth had lagged below its normal rise during the spring.

NONFARM PAYROLL EMPLOYMENT (In Thousands, Seasonally Adjusted)

DecemberMarch Total Government Private industry Manufacturing Nonmanufacturing *

Average Monthly Change MarchJuneJune July

JulyAugust

278

197

-31

167*

33 245

42 154

-10 -21

-4 171*

55 190

25 129

-12 - 9

120* 51

The August figures include an increase of 95,000 in the transportation equipment industry, which is attributable to inadequate seasonal adjustment factors for the early model changeover in the auto industry.

The average workweek of factory production workers edged down one-tenth of an hour to 40.6 hours in August.

Although down slightly

-2-

from the recent March high of 40.9 hours, the workweek was near its average level of the past two years. Total unemployment was little changed between July and August but a rounding effect did result in the rate sliding back down to 3.5 per cent.

Although higher than last winter, joblessness has not shown

a sustained increase, nor do the insured unemployment figures suggest rising layoffs late in August.

Retail sales.

Retail sales for the last week in August

raised our estimate for the month as a whole.

Instead of the Greenbook

estimated increase of about 1 per cent, it is possible that sales could rise around 2 per cent above the July level.

Part of the strength,

however, seems to be attributable to the automotive products group of stores and thus may not be consistent with the slight decline indicated in unit automobile sales for the month.

Our estimated August level of

sales is 1-1/4 per cent above the April peak in the series, but only 3.5 per cent above a year ago. Dealer deliveries of new domestic autos for August as a whole were at a seasonally adjusted annual rate of 8.1 million units, 9 per cent below a year earlier and 1 per cent below a month ago.

- 3 The Domestic Financial Situation Corporate and municipal bond markets continued to weaken this week with yields in both markets advancing to new peaks.

While new

issues generally met with favorable responses from investors, market participants, nonetheless, seemed to be highly concerned over the uncertain economic outlook, the supply of new corporate bond offerings, and unfolding pressures in the municipal market stemming from factors noted in the Greenbook.

BOND YIELDS

New Corporate Aaaj/

Bond Yields Long-term State 2 , and Local Bonds

1968 Low High

6.13 (8/30) 6.92 (12/13)

4.07 (8/9) 4.85 (12/29)

6.90 (1/10) 7.90 (9/5)

4.82 (12/24) 6.37 (9/5)

7.75

5.93

8 15 22 29

7.57 7.53 7.61 7.82

5.80 5.91 6.02 6.26

7.90

6.37

1969

Low High Week of:

August

September 5 1/ 2/

With call protection (includes some issues with 10-year call protection). Bond Buyer (mixed qualities).

-4-

Late this week the calendar of corporate bonds began to build up--headed by a $150 million industrial offering.

Rumors of

other large offerings also arose as underwriters reported some borrowers have apparently depleted alternative sources of funds and new bank commitments were not available.

In light of this changed market atmosphere,

the volume of corporate bonds estimated for September has been revised upward $200 million, to $1.2 billion.

This estimate explicitly assumes

that a large proportion of the $600 million of convertible bond offerings tentatively scheduled for September will be postponed, continuing a pattern evident since June.

CORPORATE SECURITY OFFERINGS-1 Monthly or Monthly Averages (Millions of dollars)

Public Bond Offerings 1968 1969

Private Bond Offerings 1968 1969

Stos Stocks 1968

Total

1969

1968

1969

Year

894

554

382

1,830

821

886

574

513

330

674

1,726

2,073

1,035

1,136

548

526

319

709

1,902

2,371

869

1,087e

454

517e

389

467e

1,711

2,071e

1,244

1,360e

528

500e

372

500e

2,144

2,360e

August

637

70 0e

400

500e

396

400e

1,433

1,600e

September

727

1,200e

433

550e

398

500e

1,556

2,050e

Jan.-July

973

l,016e

556

517e

331

644e

1,861

2,242e

Aug.-Sept.

682

950e

417

525e

397

450e

1,495

1,925e

QII QIII July

Memo:

e/.stmaed.i

Estimated.

D... .

gross

prces

Data are gross proceeds.

-5The estimated volume of municipal bond offerings in September has been revised downward $100 million, to $750 million.

Postponements

and cancellations of municipal bond issues accelerated sharply this week, and it now appears they will exceed our earlier implicit allowance for this factor.

STATE AND LOCAL GOVERNMENT OFFERINGS Monthly or Monthly Averages

(Millions of dollars) Long-Term 1968 1969

Net Short-Term/ 1969 1968

Total 1968

1969

Year

1,381

- 38

n.a.

1,343

n.a.

1,246

930

- 56

328

1,190

1,258

QII

1,285

1,208

394e

1,290

1,602

QIII

1,537

- 38

n.a.

1,499

n.a.

523

190e

1,992

1,253e 1,425e

888e

July

1,469

August

1,699

850e

204

575e

1,963

September

1,444

750e

-902

n.a.

542

e/ 1/ 2/ 3/

1,063

n.a.

Estimated. Data are for principal amounts of new issues. EXCLUDES note offerings of Housing Assistance Administration and Renewal Assistance Administration. Combines GROSS long-term and NET short-term issues.

- 6KEY INTEREST RATES

1969 Lows

Highs

AuP

Spptq- 4

Short-Term Rates Federal funds (weekly averages)

5.95 (1/1)

9.57 (9/3)

9.57 (8/6)

9.57 (9/3)

3-months

Treasury bills (bid) Bankers' acceptances Euro-dollars Federal agencies Finance paper CD's (prime NYC)

Highest quoted new issue Secondary market 6-months Treasury bills (bid) Bankers' acceptances Commercial paper Federal agencies CD's (prime NYC) Highest quoted new issue Secondary 1-year Treasury bills (bid) Prime municipals

7.15 8.50 12.50 (1/2) 7.81 (3/28) (3/11) 8.25

5.87 (4/30) 6.38 7.14 6.03 6.13

(2/17)

7.01 8.00 (6/10) 10.26 7.58 (7/23) (7/30) 8.00 (8/27) (7/9)

7.04 8.13 11.36 7.54 7.63

6.00 6.40 (4/30)

6.00 8.70 (7/23)

6.00 8.50

6.00 8.25

(4/30) (2/17)

7.38 (7/15) 8.62 (7/9) 8.75 (7/9) 8.14 (7/30)

7.23

7.82

7.25 8.25 8.25 7.96

6.25 6.50 (1/30)

6.25 9.00 (7/23)

6.25 8.50

6.25 8.30

5.86 (1/16) 3.90 (1/2)

7.47 (7/1) 5.75 (9/3)

7.39 5.30 (8/6)

7.36 5.75 (9/3)

6.11 (1/20) 5.91 (6/5)

7.26 (9/3) 6.46 (5/28)

7.04 6.18

7.25 6.42

6.56 (1/2) 7.26 (2/3)

7.10 (7/16) 7.94 (9/3)

6.98 7.83

7.04 (9/3) 7.94 (9/3)

7.03 (1/23)

7.80 (6/18) 7.90 (9/3)

7.57 (8/6)

7.90

4.57 (1/2)

6.37 (9/4) 5.80 (9/4)

5.80 (8/6) 5.70 (8/6)

6.37 5.80

7.66 (1/6)

8.47 (7/7)

8.29

8.34 (9/2)

5.96 6.50 6.25 6.32

(1/7) (1/16)

8.12 8.38

Intermediate and Long-Term Treasury coupon issues 5-years 20-years Corporate Seasoned Aaa Baa New Issue Aaa No call protection Call protection Municipal Bond Buyer Index Moody's Aaa

6.90 (2/20) 4.82 (1/23)

7.90

(9/3)

Mortgage--implicit yield in FNMA weekly auction 1/ 1/

Yield on 6-month forward commitment after allowance for commitment fee and required purchase and holding of FNMA stock. Assumes discount on 30-year loan amortized over 15 years.

APPENDIX A:

BANK LENDING PRACTICES SURVEY. AUGUST 1969*

About one-half of the respondent banks in the August 15 Bank Lending Practices Survey indicated that the demand for business loans had remained unchanged during the preceding three months, while nearly 40 per cent of the banks thought it had strengthened. Moreover, almost 65 per cent felt that the demand for business loans would remain about the same over the next three months, but about 20 per cent anticipated further strengthening. Most banks firmed further their terms and conditions on loans to nonfinancial businesses, while no banks eased lending policies to business borrowers. Nearly 80 per cent of the respondents indicated that they had raised interest rates on loans to businesses--probably reflecting the May increase in the prime rate--and almost 70 per cent tightened policies with regard to compensating balance requirements. Moreover, two-thirds to four-fifths of the banks followed more restrictive policies when reviewing credit lines or loan applications of new or nonlocal service area customers, and scrutinized loan applications more closely with regard to such factors as the intended use of the loan or the value of the applicant as a depositor or source of collateral business. In addition, 40-50 per cent stiffened lending terms to established or local service area customers, as well as with regard to the maturity of term loans and standards of credit worthiness. Lending terms and conditions for "noncaptive finance companies" also were tightened further. Over 60 per cent of the respondents indicated a reduced willingness to establish new or larger credit lines to finance companies, and about one-half raised interest rates on finance company loans. Moreover, about 40 per cent of the banks tightened compensating balance requirements and adopted more strict enforcement of these requirements. Bank willingness to make other types of loans also was reduced As in the preceding survey, banks further in the past three months. were particularly unwilling to make term loans, as indicated by about 65 per cent of the banks. Mortgage loans, loans to brokers, and participation loans to correspondent banks also came under increasing pressure, with 40-50 per cent of the banks more reluctant to make these loans. Moreover, about 30 per cent of the banks were even somewhat less willing to make loans in the relatively profitable consumer instalment area.

* - Prepared by Marilyn Connors, Research Assistant, Banking Section, Division of Research and Statistics.

A-

There was little size of bank variation in the responses, with respect to either current or anticipated loan demand or to most lending terms and conditions (Table 2). However, a higher percentage of larger banks (deposits of $1 billion or more) did firm policies regarding compensating balances than was the case with smaller banks (deposits of less than $1 billion). But smaller banks showed a greater trend toward restraint of consumer loans than larger banks. No other responses differed significantly with respect to size of banks. The reasons given by banks for firmer lending policies changed somewhat from those given in the last survey. Most banks that tightened lending policies continued to cite deposit outflows and the high cost

of borrowing funds as major reasons for firming.

However, nearly every

one of these banks also indicated that their liquidity positions were extremely thin, in contrast to only a few banks that gave this as an explanation in the previous survey. Moreover, fewer banks mentioned strong loan demands than was the case in the previous survey.

NOT FOR

QUOTATION OR

PUBLICATION

TABLE 1

PAGE 01

QUARTERLY SURVEY OF CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS IN THE U.S. 1/ (STATUS OF POLICY ON AUGUST 15, 1969 COMPARED TO THREE MONTHS EARLIER) (NUMBER OF BANKS & PERCENT OF TOTAL BANKS REPORTING) MUCH STRONGER

TOTAL BANKS

PCT

BANKS

PCT

MODERATELY STRONGER

ESSENTIALLY UNCHANGED

MODERATELY WEAKER

BANKS

PCT

MUCH WEAKER BANKS

PCT

STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS (AFTER ALLOWANCE FOR BANK'S USUAL SEASONAL VARIATION) COMPARED TO THREE MONTHS

AGO

ANTICIPATED DEMAND IN NFXT 3 MONTHS

124

100.0

33.9

51.6

8.9

0.0

124

100.0

19.4

63.7

15.3

0.0

ANSWERING QUFSTION BANKS LENDING TO NONFINANCIAL

PCT

MUCH FIRMER POLICY BANKS

PCT

MODERATELY FIRMER POLICY

ESSENTIALLY UNCHANGED POLICY

MODERATELY EASIER POLICY

BANKS

PCT

BUSINFSSES

TERMS ANO CONDITIONS: INTEREST RATES CHARGED

100.0

32.3

46.0

21.7

COMPENSATING

OR SUPPORTING BALANCES

100.0

29.3

39.0

31.7

STANDARDS OF

CREDIT WORTHINESS

100.0

15.4

25.2

59.4

100.0

21.1

57.8

MATURITY OF TERM LOANS REVIEWING CREDIT LINES OR LOAN APPLICATIONS ESTABLISHED CUSTOMERS

100.0

15.3

36.3

48.4

NEW CUSTOMERS

100.0

55.6

25.8

18.6

100.0

13.0

35.8

51.2

100.0

43.4

25.4

31.2

LOCAL

SERVICE AREA CUSTOMERS

NONLOCAL SERVICE AREA CUSTOMERS

1/ SURVEY OF LENDING PRACTICES AUGUST 15, 1969. AS OF

125 LARGE

BANKS

REPORTING

IN THE

FEDERAL

RESERVE QUARTERLY

INTEREST RATE SURVEY

MUCH EASIER POLICY BANKS

PCT

NOT FOR

QUOTATION

PUBLICATION

TABLE 1

ANSWERING QUESTION BANKS

PCT

(CONTINUED)

MUCH FIRMER POLICY BANKS

PAGE 02

MODERATELY FIRMER POLICY

ESSENTIALLY UNCHANGED POLICY

MODERATELY EASIER POLICY

PCT

BANKS

PCT

MUCH EASIER POLICY BANKS

PCT

FACTORS RELATING TO APPLICANT 2/ VALUP AS DEPOSITOR OR SOURCE OF COLLATERAL BUSINESS

123

100.0

31.7

33.3

35.0

0.0

INTENDED USE OF

124

100.0

38.7

29.8

31.5

0.0

INTEREST RATES CHARGED

123

100.0

24.4

23.6

52.0

0.0

COMPENSATING OR

SUPPORTING BALANCES

123

100.0

13.0

22.0

65.0

0.0

ENFORCEMENT OF BALANCE REQUIREMENTS

123

100.0

19.5

22.8

57.7

0.0

ESTABLISHING

121

100.0

45.5

16.5

38.0

0.0

THE LOAN

LENDING TO "NONCAPTIVE" FINANCE COMPANIES TERMS AND CONDITIONS:

NEW OR LARGER

CREOIT LINES

ANSWERING QUESTION BANKS WILLINGNESS

PCT

CONSIDERABLY LESS WILLING BANKS

PCT

MODERATELY LESS WILLING

ESSENTIALLY UNCHANGED

MODERATELY MORE WILLING

BANKS

PCT

CONSIDERABLY MORE WILLING BANKS

PCT

TO MAKE OTHER TYPES OF LOANS

TERM LOANS TO

BUSINESSES

123

100.0

28.5

37.4

34.1

0.0

123

100.0

3.3

25.2

69.9

1.6

0.0

SINGLE FAMILY MORTGAGE LOANS

121

100.0

20.7

29.8

48.7

0.8

0.0

MULTI-FAMILY MORTGAGE LOANS

120

100.0

33.3

?5.0

41.7

0.0

ALL OTHER

MORTGAGE LOANS

120

100.0

30.8

31.7

37.5

0.0

PARTICIPATION LOANS WITH CORRESPONDENT BANKS

124

100.0

13.7

35.5

50.0

0.8

0.0

LOANS TO BROKERS

123

100.0

26.8

32.5

40.7

0.0

CONSUMER

INSTALMENT LOANS

2/ FOR THESE FACTORS, FIRMER MEANS THE FACTORS WERF CONSIDERED MORF CREDIT REQUFSTS, AND FASIER MEANS THFY WERE LESS IMPORTANT.

IMPORTANT IN MAKING DECISIONS FOR

APPROVING

NOT FOR QUOTATION OR COMPARISON

PUBLICATION

TABLE 2

PAGE 03

QUARTERLY CHANGES IN BANK LENDING PRACTICES AT BANKS GROUPED BY SIZE OF TOTAL DEPOSITS (STATUS OF POLICY ON AUGUST 15, 1969, COMPARED TO THREE MONTHS EARLIER) (NUMBER OF BANKS IN EACH COLUMN AS PER CENT OF TOTAL BANKS ANSWERING QUESTION)

SIZE

TOTAL UNDER $1

$1 & OVER

OF BANK

MUCH STRONGER $1 6 OVER

UNDER $1

TOTAL DEPOSITS

IN BILLIONS

MODERATELY STRONGER

ESSENTIALLY UNCHANGED

MODERATELY WEAKER

$1 & OVER

St & OVER

UNDER $1

MUCH WEAKER $1 & OVER

UNDER $1

STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS (AFTFR ALLOWANCE FOR BANK'S USUAL SEASONAL VARIATION) COMPARED TO THREE MONTHS AGO

100

ANTICIPATED DEMAND IN NEXT

100

3 MONTHS

TOTAL

MUCH FIRMER

$1 C OVER

MODERATELY FIRMER

ESSENTIALLY UNCHANGED

MODERATELY WEAKER

$1 & OVER

UNDER $1

100

STANDARDS OF CREDIT WORTHINFSS

100

MATURITY OF TERM LOANS

100

ESTABLISHED CUSTOMERS

100

NEW CUSTOMERS

100

UNDER $1

MUCH WEAKER

$1 & OVER

LENDING TO NONFINANCIAL BUSINESSES TERMS AND CONDITIONS: INTEREST RATES CHARGED COMPENSATING OR

REVIEWING CREDIT

LOCAL SERVICE NONLOCAL

SUOPORTING BALANCES

LINFS OR LOAN APPLICATIONS

AREA CUSTOMFRS

SERVICE AREA CUSTOMERS

47 LARGE BANKS (DEPOSITS OF $1 BILLION OR MORE) AND 1/ SURVEY OF LENDING PRACTICES AT $1 BILLION) REPORTING IN THE FEDERAL RESERVE QUARTERLY INTEREST RATE SURVEY AS OF

78 SMALL BANKS (DEPOSITS OF LESS AUGUST 15, 1969.

THAN

UNDER $1

NOT FOR QUOTATION OR

PUBLICATION

TABLE 2

(CONTINUED)

SIZE NUMBER ANSWERING QUESTION $1 & OVER

UNDER $1

OF BANK MUCH FIRMER POLICY

$1 E OVER

UNDER $1

PAGE 04

-TOTAL DEPOSITS IN BILLION!S MODERATELY ESSENTIALLY MODERATELY FIRMER UNCHANGED EASTER POLICY POLICY POLICY

$1 & OVFR

UNDER $1

t$1

OVER

UNDER

$1 & OVER

UNDER $1

MUCH EASIER POLICY $1 & OVER

UNDER $1

FACTORS RELATING TO APPLICANT 2/ VALUE AS DEPOSITOR OR SOURCE OF COLLATERAL BUSINFSS

LOO

100

INTENDED USE OF THE LOAN

100

INTEREST RATES CHARGED

COMPENSATING OR SUPPORTING BALANCES

ENFORCEMENT OF BALANCE REQUIRFMENTS

ESTABLISHING NEW OR LARGER CREDIT LINES

LENDING TO "NONCAPTIVE" FINANCE COMPANIES TERMS AND CONDITIONS:

NUMBER ANSWERING QUESTION $1 & OVER WILLINGNESS TERM

TO MAKE

UNDER $1

CONSIDERABLY LESS WILLING l$ E OVER

UNDER $1

MODERATELY LESS WILLING $1 E OVER

UNDER $S

ESSENTIALLY UNCHANGED $1 t OVER

UNDER $1

MODERATELY MORE WILLING $1 E OVER

UNDER $1

OTHER TYPES OF LOANS

LOANS TO BUSINESSFS

CONSUMER

INSTALMENT LOANS

SINGLE FAMILY MORTGAGE LOANS MULTI-FAMILY MORTGAGE LOANS ALL OTHER MORTGAGE

LOANS

PARTICIPATION LOANS WITH CORRFSPONDENT BANKS LOANS

TO BROKERS

2/ FOR THESE FACTORS, FIRMER MEANS THE FACTORS WERE CONSIDERED MORE IMPORTANT IN MAKING DECISIONS FOR APPROVING CREDIT REQUESTS, AND EASIFR MEANS THEY WERE LESS IMPORTANT.

CONSIDERABLY MORE WILLING $1 & OVER

UNDER $1

A-7 TABLE 2-A NET RESPONSES OF BANKS IN LENDING PRACTICES SURVEYS (In per cent)

Strength of loan demand(compared to 3 months ago) Anticipated demand in next 3 months

LENDING TO NONFINANCIAL BUSINESSES

Aug. 1967

Nov. 1967

Feb. 1968

May 1968

Aug. 1968

Nov. 1968

Feb. May 1969 1969

Aug. 1969

20.2 63.2

18.8 71.2

-8.0 50.0

64.8 66.4

-2.4 --

25.6 20.8

54.4 49.2

60.0 41.8

30.6 5.7

21.6 20.8 12.0 5.6

30.4 25.0 8.9 12.1

34.4 16.1 7.3 1.6

93.6 56.8 32.8 32.8

0.8 4.8 4.8 1.6

-27.2 10.4 4.8 1.6

86.2 64.3 32.8 30.3

91.0 75.6 41.4 42.3

78.3 68.3 40.6 42.2

1.6 16.8 0.8 16.1

6.4 21.6 6.5 18.9

-0.8 10.5 2.5 11.6

28.0 64.8 30.0 56.9

-5.6 -5.6 -5.6 10.6

-1.6 6.4 -4.1 15.4

32.5 61.7 30.9 49.5

47.2 80,2 46.7 71.3

51.6 81.4 48.8 68.8

25.6 10.4

20.0 14.4

19.2 12.0

54.4 44.4

12.8 8.1

16.0 6.4

58.6 54.5

67.2 71.6

65.0 68.5

6.4 9.6 14.4 13.7

10.4 11.2 17.6 14.4

22.4 5.6 12.8 7.2

60.5 25.0 32.3 53.2

2.4 2.4 8.1 15.3

-26.4 2.4 3.2 4.8

53.3 22.9 29.5 54.9

50.8 27.9 42.6 62.4

48.0 35.0 42.3 62.0

6.4 -16.1

- 4.0

49.6

-22.6

-0.8

- 4.9

32.0

9.0 9.8

11.2 -16.1 4.1 14.0 14.0

7.4

36.4

43.4

4.8 - 0.8 -11.3 -15.3 -14.1 - 3.3 8.2 4.1 3.4 1.7

48.8 4.2 30.8 40.1 42.5

64.3 17.2 45.5 57.5 62.0

65.9 26.9 49.7 58.3 62.5

- 6.4

- 4.8

8.8 1.6

16.0 23.4

18.7

1.6

34.2

38.4 40.0

48.4 59.3

Terms and Conditions Interest rates charged Compensating or supporting balances Standards of credit worthiness Maturity of term loans Reviewing Credit Lines Established customers

New customers Local service area customers Non-local service area customers Factors Relating to Applicant (Net percentage indicating more important) Value of depositor as source of business Intended use of loan LENDING TO NONCAPTIVE FINANCE COMPANIES2/ Terms and Conditions Interest rates charged Compensating or supporting balances Enforcement of balance requirements Establishing new or larger credit lines WILLINGNESS TO MAKE OTHER LOANS-

Term loans to businesses Consumer instalment loans Single-family mortgage loans Multi-family mortgage loans All other mortgage loans Participation loans with correspondent banks Loans to brokers

- 8.2

1.6

3.2

1.6 6.5

1/ Per cent of banks reporting stronger loan demand minus per cent of banks reporting weaker loan demand. Positive number indicates net stronger loan demand, negative number indicates net weaker loan demand. 2/ Per cent of banks reporting firmer lending policies minus per cent of banks reporting weaker lending policies. Positive number indicates net firmer lending policies, negative number indicates net easier lending policies. 3/ Per cent of banks reporting less willingness to make loans minus per cent of banks more willing to make loans. Positive number indicates less willingness, negative number indicates more willingness. NOTE: 133 banks participated in the February 1967 Survey; 125 banks have participated in the surveys since that time.

Cite this document

APA

Federal Reserve (1969, September 8). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19690909_part1

BibTeX

@misc{wtfs_greenbook_19690909_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1969},
  month = {Sep},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19690909_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}